Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Ming Yu Pharmaceutical / Equity Capital Markets

<ul>
<li>Ming Yu Pharmaceutical, a China-based clinical-stage biotech company, is seeking a Hong Kong Chapter 18A listing. MS, BOA, and CITIC are the joint sponsors.</li>
<li>In our previous note, we looked at the company's core products MHB018A and MHB036C, as well as its management and investor backings.</li>
<li>In this note, we look at the developments in the company's assets and the competitive landscape.</li>
</ul>


Ming Yu Pharmaceutical, a China-based clinical-stage biotech company, is seeking a Hong Kong Chapter 18A listing. MS, BOA, and CITIC are the joint sponsors.
In our previous note, we looked at the company's core products MHB018A and MHB036C, as well as its management and investor backings.
In this note, we look at the developments in the company's assets and the competitive landscape.


Ming Yu (明宇制药) Pre-IPO: Prospectus Update Suggests Mixed Views Across Products

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Almost all core pipelines of Ming Yu are facing fierce competition from domestic and foreign pharmaceutical giants, but Ming Yu has no commercialized products on the market. </li>
<li>In order to become a cornerstone drug of the generation, the key is not whether the molecule is the best, but whether Ming Yu has enough resources to drive R&amp;D</li>
<li>Ming Yu’s commercialization capability still needs to be verified. We think valuation of Ming Yu would be lower than peers such as Akeso and Kelun Bio.</li>
</ul>


Almost all core pipelines of Ming Yu are facing fierce competition from domestic and foreign pharmaceutical giants, but Ming Yu has no commercialized products on the market. 
In order to become a cornerstone drug of the generation, the key is not whether the molecule is the best, but whether Ming Yu has enough resources to drive R&amp;D
Ming Yu’s commercialization capability still needs to be verified. We think valuation of Ming Yu would be lower than peers such as Akeso and Kelun Bio.


Pre-IPO Ming Yu Pharmaceutical - Popular Products Do Not Necessarily Guarantee Commercial Success

<ul>
<li>Ming Yu, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. MS, BOA, and CITIC are the joint book runners.</li>
<li>In this note, we look at the company’s core products, MHB018A and MHB036C, and assess the selling point around the core product.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


Ming Yu, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. MS, BOA, and CITIC are the joint book runners.
In this note, we look at the company’s core products, MHB018A and MHB036C, and assess the selling point around the core product.
We also look at the company’s pre-IPO investors and management team.


Ming Yu Pharmaceutical (明宇制药) Pre-IPO Quick Comment: Meaningful Improvement to Incumbents

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, this week will probably see the last of the big listings in Asia this year</li>
<li>On the placements front, Swiggy was the main deal in the market. There are still a few lockup expiries left for 2025.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, this week will probably see the last of the big listings in Asia this year
On the placements front, Swiggy was the main deal in the market. There are still a few lockup expiries left for 2025.


ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ming Yu Pharmaceutical (MYP HK)

Ming Yu (明宇制药) Pre-IPO: Prospectus Update Suggests Mixed Views Across Products

Ming Yu Pharmaceutical filed an updated prospectus for a HKEX Chapter 18A listing. We analyse the changes in its pipeline and competitive landscape...

Ke Yan, CFA, FRM

Pre-IPO Ming Yu Pharmaceutical - Popular Products Do Not Necessarily Guarantee Commercial Success

All core pipelines of Ming Yu face fierce competition, without commercialized products on the market.Success hinges on R&D resources and...

Xinyao (Criss) Wang

Ming Yu Pharmaceutical (明宇制药) Pre-IPO Quick Comment: Meaningful Improvement to Incumbents

China-based biotech company Ming Yu seeks to raise $100 million through Hong Kong listing. In this note we look at its core products MHB018A and...

Ke Yan, CFA, FRM

ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ming Yu (明宇制药) Pre-IPO: Prospectus Update Suggests Mixed Views Across Products

Ming Yu Pharmaceutical filed an updated prospectus for a HKEX Chapter 18A listing. We analyse the changes in its pipeline and competitive landscape...

Ke Yan, CFA, FRM

Pre-IPO Ming Yu Pharmaceutical - Popular Products Do Not Necessarily Guarantee Commercial Success

All core pipelines of Ming Yu face fierce competition, without commercialized products on the market.Success hinges on R&D resources and...

Xinyao (Criss) Wang

Ming Yu Pharmaceutical (明宇制药) Pre-IPO Quick Comment: Meaningful Improvement to Incumbents

​China-based biotech company Ming Yu seeks to raise $100 million through Hong Kong listing. In this note we look at its core products MHB018A and...

Ke Yan, CFA, FRM

ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

China-based biotech company Ming Yu seeks to raise $100 million through Hong Kong listing. In this note we look at its core products MHB018A and...